If you make abstraction of the Ukraine stuff, it is quite a statement by Borrell on Gaza: he says it's essentially existential for Europe "to stop the tragedy which is happening" because otherwise "our EU project will be very much damaged". Which is quite incredible to say when Germany and some other EU countries are 100% behind Israel, and highlights the level of division within the EU...
He says that "Hamas represents an idea" which "cannot be killed with bombs" and that "there is no military solution to this problem". He says the only solution is the two-state solution "but there's a small problem: the Israeli government says it is vehemently against it". Therefore he believes that "the solution must be imposed from the outside by the international community". In that spirit he goes as far as exhorting EU states to start using their leverage with Israel because Europe is their "largest trading partner"...
I suspect he's simply shouting in the wilderness and nothing concrete will come out of it, hard to imagine EU states threatening to boycott or blockade Israel, but it is an incredible statement. And also in a way a very dangerous statement: because if - as is predictable - nothing comes out of it you now have the vice-president of the EU commission on the record saying that the EU is f*cked if something that likely won't happen doesn't happen...